Steve Begleiter, Former Bear Stearns Exec, Wins $1.6 MILLION In World Series Of Poker Final

UPDATED:
Bloomberg reports that Steve Begleiter, the former head of corporate strategy at Bear Stearns, has finished sixth in the 2009 World Series of Poker. Though, Begleiter did not win the coveted $8.55 million top prize, he did walk away with $1.26 million in tournament winnings. Check out the rest of the story here.

ORIGINAL POST:
Former Bear Stearns executive Steven Begleiter is set to compete in the final table at the Main Event at the World Series of Poker starting on Saturday in Las Vegas.

Begleiter qualified for the final round in the July preliminaries -- since 2008, the final table has been delayed until November -- where he finished among the top nine out of 6,494 entrants and took home $1.26 million in prize money. This month, he'll play for the top payout of $7.2 million.

Until 2008, Begleiter was head of corporate strategy at Bear Stearns, where executives were known more for their regard for bridge than poker. When Bear was sold to J.P. Morgan, Begleiter helped transition the firm before moving to the private equity group Flexpoint Ford. Begleiter told The New York Times that despite the "populist nonsense going on right now," he's still "very proud" of his time at Bear.

Time reports that, Begleiter will be up against several very skilled professional poker players -- including Phil Ivey, who many consider to be the game's top professional -- but it appears he appreciates the challenge: "It's not about the money, really, I just like to compete," he said.

WATCH: Begleiter talks about being in the "November Nine" below:

Meet the WSOP November Nine -- Steven Begleiter - Click here for more free videos

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Comments

[johnpherson]

Now tax the hell out of him.

[cybolt]

He should be good after practicing so long with other people's money.

[mari6105]

Well, this smart cookie was defintely sharp enough to know the derivatives and mortgage market was about to crumble from vulger negligence. Apparently, he and his kindred felt no need to sound the warning bell or correct the Titanic.

[Democratt]

good articles 4 slow news day: http://financeopinionss.blogspot.com

the system needs to be overhauled cuz nothing seems to change .

[paretothis]

The people who relate poker to gambling have not looked deep enough into the game. It's sickening for me to hear people say "it's luck", because the game is anything but. I'm putting myself through college playing the game, which certainly wouldn't have happened at roulette or blackjack. what's the difference? In poker you play other people and try to figure them out to take advantage of their weaknesses. One can never truly learn the game, it's like playing chess except you can't see your opponents move.

I respect Begleiters play in the game, he certainly wasn't "gambling". At Bear Stearns, who knows. I don't see reason to fault the guy. In my perspective, he's not to blame at all. People need to blame themselves for their losses. Not some company whose motive is to make profit. Of course they'll sell to make profit. Be smart enough to refuse.

[TradeLosses]

Lets all pray that the health care bill doesn't get stonewalled in the Senate...

good articles; http://financeopinions.blogspot.com

This is just one step in a staircase of much needed reforms after 8 years of destruction.

[balancedsolution]

maybe he could have gambled right while at Bear Stearns.

let's face it these guys on wall street are just that....GAMBLERS!

[jeffp26]

You are correct!!!!!

With their own money, however, they are far more careful than when they are allowed to play with "house" money like the clowns at Bear Stearns and Lehman (among others) did.

[politisophical]

thats kinda cool.. .i always thought these guys were the tea drinking wine sipping conservatives types

[LeeCalif]

“I’m going to chase the rainbow for as long as I have my marbles,” Begleiter said.

[henock]

Why not? Gambling is thiere specialty

[politisophical]

slot machines, roulette, playing basketball with jordan for money is gambling... poker are not gambling its a skill...

[BustMyChops]

As an avid poker player I hope we can keep these undesirables out of our community. Unless they play poorly. In which case...pull up a chair.

[jalowe1957]

Why doesn't he take his winnings and donate it to those who lost their livelihoods in the Great Recession?

[FoonTheElder]

At least he's gambling with his own money now.

[plages]

Are you sure?

[Shammie2000]

Watching the poker series on TV, this guy seemed like a huge risk taking Jerk, any wonder his company went belly up.

[StockMarkets]

he is part of the bailout /crisis problem. should be playing poker in jail

hat tip to http://financeopinionss.blogspot.com